Merry Christmas

Our family wishes you and your family a terrific Christmas.

The Morning Line – Year End Awards

I guest wrote Paul Daugherty’s TML blog for the Cincinnati Enquirer again yesterday. I handed out some year end “awards” while being critical of the Bengals and their coach. I hope you enjoy it.

Bye Bye Love

It was recently reported that Ric Ocasek, lead singer of The Cars, left his estranged wife, Paulina Porizkova, out of his will which he executed several weeks before his death. The former Sports Illustrated swimsuit model left her much older husband a year before she found him dead in his townhouse when bringing him coffee while he was recovering from surgery. Specifically, Ocasek’s will provided that he did not want Porizkova to inherit even the elective share because she had abandoned him. Ocasek’s probate estate consists of $5 million of royalties and $100K of personal property.

Several points:

1. Odds are that Ocasek’s estate consists of more than $5 million because he likely had financial assets and real estate titled in a trust prior to his death.

2. Even if omitted from a will, spouses may elect to receive a portion of the estate which is usually 1/3.

3. In Ohio, spouses may only elect against the assets passing through probate. In NY, spouses may elect to take 1/3 of all assets, including those in a trust and others passing outside probate.

4. You might think I am cynical, but I find it odd that a woman who left her husband uses the Instagram hashtag #loveneverdies.

Photo Credit:  Tammie Arroyo/AFF-USA.COM / MEGA

License:  Fair Use/Education (from linked article)

Taken to the Bath

Finally, there is some estate planning news to write about. Gloria Cary was an American woman who was the second wife of the eccentric eighth Earl of Bathurst. When the Earl died in 2011, he left his home and surrounding real estate, valued at $17 million, to his son, and the rest of his estate to his widow.

Typically, his widow and son did not get along even though the couple had been married for more than 30 years. After the Earl’s death, the widow was forced to vacate the family home inherited by the son. She sued for permission to visit the home to view the family’s collection of heirlooms, but she was denied by her step-son.

When Gloria died last year, she left the bulk of her $41 million fortune to two interior designers while omitting her step-son entirely.

A few quick observations:

1. At least the son inherited a significant amount upon the death of his father and was not disinherited entirely.

2. Inheriting an English estate is a double edged sword because the maintenance costs can be stratospheric.

3. If the Earl of Bathurst (“Barmy Bathurst”) wanted to ensure his son received some of his fortune, he should have created a trust to benefit his wife with the remainder going to his son. Although a trust might have been a step too far for an eccentric.

4. Of course, if the son wanted to inherit more than the house, he should have acquiesced to his step-mom’s request to occasionally visit and wander around the property.

Photo credit:  compendium of pics from Daily Mail

License:  Fair Use/Education (from linked article)

One More Sports Post

Bill Cunningham of WLW interviewed me Monday about the blog post I wrote for The Cincinnati Enquirer on Friday. It was incredibly fun.

Episode is here (my part is towards the end at the 88 minute mark).

 

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